There’s no denying that Bitcoin is changing the way we think about the financial market and investors are finally getting on board. Companies that specialize in buying and selling gold have made announcements that they will be expanding into Bitcoin. According to Richard Waters, a writer in the Financial Times, reported A-Listers in Silicon Valley are climbing onto the bitcoin bandwagon.
Perhaps even more notable is what Hikmet Ersek, the CEO of Western Union, had to say during an interview with Bloomberg. Mr. Ersek expressed a willingness to accept Bitcoin into Western Union’s portfolio if, and that’s a big if, bitcoin becomes regulated like other currencies.
Right now Bitcoin transactions are equal to only 0.7% of the credit card transaction in the U.S alone.
There is still plenty of room for cryptocurrency to grow into. In 2013, there were $11.2 billion dollars worth of transactions in the U.S per day, compared to bitcoins $78.2 million worldwide. That number is up 183% from last year and a whopping 437% from two years ago.
Credit Cards go through four processes before a transaction is approved while bitcoins go through only three. If you store your money in a traditional bank, you risk bank runs, inflation and deflation due to government actions. Bitcoins main concern for risk is someone breaking into a wallet without proper preventative measures, such as encrypting your wallet, and your coins being taken.
All this information and numbers can get confusing and are difficult to find. Thank to Visual Capitalist, you can have it all in one place. Visual Capitalist merge art, data and storytelling to create a coherent and continuous infographic. Recently the people at Visual Capitalist have created an infographic that explores and explains the difference between Bitcoin and traditional banking. The infographic is entitled “Bitcoin vs. Banking” and sports the bold subheading, “How cryptocurrency can and will disrupt the current financial system”.
That’s not the only infographics that the people over at Visual Capitalist have made regarding the subject of Bitcoin. Back in February of this year Visual Capitalist released an infographic entitled, “The Definitive History of Bitcoin” which explores the history of Bitcoin ranging from; the Bitcoin design paper by Satoshi Nakamoto that was published back in October of 2008, the first real transaction with bitcoins, the rise and downfall of Mt.Gox, and ends in December when China announced they would not allow banks to handle bitcoins.
Regardless of how much you do or do not know about Bitcoin, these infographics are helpful for everyone. The majority of us are visual learners and infographics like this help bring information and statistics to us in a visually appealing and memorable way. You can share their infographics via Facebook and Google+, tweet or pin it. For myself, I will be forwarding these onto my friends who keep asking the same question every time, “So what is a Bitcoin?”
Check out Bitcoin vs. Banking below: